By Nina AdamManufacturing activity in the eurozone hit a 14-month high in June, as growth accelerated in Germany, France and the Netherlands, a survey of purchasing managers showed Wednesday, indicating that one of the world's largest economies will expand solidly this year.
Data firm Markit, which surveys more than 3,000 manufacturers across the region, said its purchasing managers index rose to 52.5 in June from 52.2 in May, confirming its flash estimate from June 23. A reading below 50.0 indicates activity is declining, while a reading above that level implies it is increasing.
The survey indicates that the recent standoff between the Greek government and its international creditors over the terms of its bailout-- which led to a Greek debt default late on Tuesday--hasn't yet impaired growth in the wider eurozone.
"A solid PMI reading for June rounded off euro area manufacturers' best quarter for a year, representing a major improvement compared to the malaise seen at the end of last year," said Markit's Chief Economist Chris Williamson.
Greece became the first developed country to default on the International Monetary Fund, as the rescue program that has sustained it for five years expired by close of business on Tuesday.
But overall, eurozone manufacturing activity remains "insipid rather than impressive" and held back by rather modest production growth in Germany and France, Mr. Williamson said.
At a reading of 56.2, the Netherlands led the PMI league, followed by Ireland, with 54.6, and Spain, with a PMI of 54.5. France's manufacturing sector, meanwhile, moved back into expansion territory in June after 13 months of contraction. Greece remained the outlier, registering the steepest drop in manufacturing output for two years, Markit said.
Write to Nina Adam at nina.adam@wsj.com
(END) Dow Jones Newswires
July 01, 2015 04:54 ET (08:54 GMT)
#FX
#Forex
#SaleForex
#Eurozone
#ManufacturingHits
#MonthHigh
0 Response to "Eurozone Manufacturing Hits 14-Month High"
Thanks for give comment.